Top Ten Examples of Artificial Intelligence Transforming Business Today
Artificial Intelligence (AI) has no longer remained a part of science fiction. We can just say, “Hey Google”, and a robust and intelligent assistant gets active to help us with everyday tasks, control smart home devices, and much more. After came into existence back in 1956, AI took decades to make significant progress.
Today, AI solutions have become a part of our life and we use them daily. AI technology is also getting mainstreamed swiftly in the corporate sector. Together with machine learning, this technology has brought disruptive changes in various departments like customer relationships, human resources, finance, fraud detection, etc. with better access to data.
AI solutions have made it possible for businesses to simplify complexities and find more human-like ways to perform various tasks. On one hand, AI brings automation, and on the other hand, it promotes innovation and creativity in the corporate world. It is fair to mention that artificial intelligence emerges as an enabler than a disruptor over the period.
In the coming years, when we will make our businesses ready for the post-pandemic period, AI technology has a larger role to play. Let’s go through the top ten ways AI will transform modern businesses over the period. Read on to know the impact of AI on businesses today and tomorrow from the perspective of an artificial intelligence consultant.
Artificial Intelligence- Top Ten Ways of Business Transformation
1. Inventory and Supply Chain Management
Artificial intelligence solutions can analyze external data collected from the warehouse and supply chain to ensure that your company can fulfill the demand for products effectively. Actionable insights can help companies manage inventory and supply chain with ease. During the recent COVID-19 crisis, companies that have integrated AI solutions could perform better for this reason.
2. Sales and Business Development
Amid the lockdown like situation and social distancing norms, people tend to prefer online shopping and mobile-based payment. Here, AI comes into the picture and helps entrepreneurs understand the trend and expectations of customers. AI-based sales solutions can assist you to identify customers that are most likely to buy the product or service.
3. Budget and Cashflow Prediction
This is the biggest advantage of AI solutions. When a crisis like the COVID-19 pandemic occurs, startups and SMBs can have a severe concern for cash flow. AI and ML technologies can offer predictive analytics for cash flow forecasting, thereby keeping SMBs resilient against a recessive economy.
4. Identity Verification
You can take assistance from a reputed offshore software development company to get an AI-powered solution that can identify and verify necessary documents online. AI can identify the type of ID cards, perform face and fingerprint matching, and the like to ensure that only authorized persons can get access to the company’s system and workplace.
5. Back Office Management
AI-powered cognitive assistants can perform back-office tasks including ordering new credit cards or issuing refunds to the customers. What’s more, Robotic Process Automation (RPA) solutions can be integrated with the AI-based system to handle mundane and repetitive back-office management. It is known as intelligent RPA that brings automation in the processes.
The COVID-19 crisis has put restrictions on traveling across the world. Also, it has made ‘Work from Home’ a new normal in the corporate sector. In such a scenario, AI can provide information about the number of workers required for the project and the company can allot tasks accordingly while coping with limited resources.
7. Finance Management
Whether it is the financial sector or your company’s finance department, accuracy and real-time reporting are the topmost priorities. AI can enhance financial processes while analyzing high volumes of quantitative data. AI solutions can also guide investors and traders after understanding their investment patterns. Chatbots and algorithmic trading are also possible.
8. Healthcare Services
Apart from the manufacturing and BFSI sectors, the healthcare sector is a great beneficiary of artificial intelligence. It transforms the sector by introducing robot-assisted surgeries and safeguarding the patient’s health records. AI-enabled assistants can help doctors keep their schedule free up to 17% and enable them to provide improved patient care services.
9. Customer Relations
CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) software like SAP can be readily integrated with AI solutions and enable the company to improve customer services. You can enhance support and help desk services using AI-powered chatbots and thereby offering your customers a pleasant experience.
10. Social Media Management
Social media network has become highly powerful with over 3.6 billion active profiles. When it comes to offering a personalized experience to customers, no one can ignore social media platforms. AI with its capability to organize a lot of data and recognize images, can contribute to building the company’s reputation on social media.
In a nutshell, artificial intelligence has a bright future. As the technology evolves, we will see new startups and various business applications based on it. IoT and ML technologies will remain complementary to AI technology in the future. An artificial intelligence consultant can explain its scope in modern businesses.
As a leading custom software development company, Semaphore Software offers a range of services including mobile app development, eCommerce, CMS, and Web development. Our teams of expert and experienced developers can assist you to leverage the benefits of AI and other emerging technologies. Do you want to transform your business using technological advancements? Simply send us an email at firstname.lastname@example.org and we will get back to you soon.